Daily Briefing June 1 2020
Free to read: EU’s emissions database still a work in progress | The Lloyd’s List Podcast: Shipping’s decarbonisation dilemma
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What to watch | Analysis | Markets | In other news
What to watch
It has been more than 10 months since the EU published its first comprehensive carbon emissions database. The insights are numerous. The challenges, however, still persist for a data set that could prove more consequential than its successors. More than 200 different versions of the data behind the EU’s Monitoring, Reporting and Verification data have been published, raising serious questions about its use as a baseline for future regulations on ships.
Lloyd’s List Podcast: Decarbonisation dilemma — an extended debate on shipping’s decarbonisation prospects, taking in everything from state support, future fuel options, fake zeros and the overwhelming need for clarity and standard definitions. We are joined by Peter Boyd from Yale University, Matthieu de Tugny from Bureau Veritas, Tristan Smith from University College London’s Energy Institute and Adrian Tolson from Blue Insight.
Analysis
Liquefied natural gas shipping rates are heading for record lows during the next six months as cargo cancellations, falling gas prices and uncertain demand edges spot earnings below daily operating costs.
Liquefied natural gas carriers laden with cargoes from Nigeria’s Bonny Island have resorted to super-slow steaming speeds or been diverted to the Indian subcontinent as demand for the supercooled fossil fuel in Europe evaporates. Data from Lloyd’s List Intelligence suggests that cargoes headed to Europe from Bonny Island have been deferred for weeks.
Markets
Gross domestic product is shrinking in all regions around the world, with China suffering its worst contraction in 28 years, which is severely impacting global trade. Lloyd’s List Intelligence director of Maritime Intelligence Niklas Bengtsson assesses the global economic situation and its potential impact on shipping shipping.
In other news
South Korea has stepped up its financial support to domestic shipbuilders to help them cushion the blow from the coronavirus outbreak. The Export-Import Bank of Korea, known as Kexim, has increased its loan supply to shipyards to Won5.2trn ($4.2bn) this year.
The fourth of five Iran-flagged product tankers delivering gasoline to Venezuela has arrived in the South American country, with the last vessel due over the weekend.
Australia has detained containership APL England for breaching vessel safety standards. The Australian Maritime Safety Authority said its inspectors had found inadequate lashing arrangements for cargo and heavily corroded securing points for containers on the deck of the vessel.
Container shipping veteran Flemming Jacobs will become non-executive director emeritus at the Global Maritime Forum he founded after stepping down from its board in March.
The Port of Savannah’s Mason Mega Rail project, designed to help penetrate markets in the US Southeast and Midwest by rail, has begun operating the first nine of 18 new working tracks, with its first two rail-mounted gantry cranes to be commissioned in June.
Hyundai Mipo Dockyard, part of Hyundai Heavy Industries, has confirmed the orders for three liquefied petroleum gas carriers from Eastern Pacific Shipping.